The president made promises that the stimulus package and healthcare reform would reduce unemployment, the deficit, and debt. However, unemployment exceeded 8% for many months, the stimulus failed to create jobs and shed over 2 million, and the healthcare plan will cost almost twice as much and increase the deficit. This recovery has been the worst since World War 2 with the highest job losses of any recession and slow job growth. The unemployment rate decline hides high long-term unemployment and many dropping out of the workforce.

2.  Promises made as a result of passage of the two flagship pieces
of legislation by the president relative to the economy :
 President Bush’s icrease in spending of 4-5 trillion dollars was
unpatriotic He would cut spending and reduce the deficit in Half by
the end of his first term:
 The 868 billion( 1 trillion with interest) stimulus package would result
in peak unemployment of 8% and 6.7-6.9% by the end of first term
 Create or save(?) three or 4 million jobs
 The president said that he would not pass a healthcare bill that would
add one DIME to the deficit. Obama Care would cost aprox 900 billion
dollars and decrease the deifict by aprox 140 billion over 10 years
 Result:
 The total debt was aprox 9-10 trillion dollars at the end of the Bush
administration. An increase of aprox 4-5 trillion dollars over 8 years.

3.  This president has not cut spending …to the
contrary he has spent the 5 trillion Bush spent in 8
years in 3.5 years bringing our spending to 24-25% of
GDP. The average is 18-20%. The deficit has incresed
from 479 billion in Bushes last year to over I trillion
dollars every year of his presidency
 The unemployment rate that was supposed to peak
at 8% has exceeded 8% every month and averaged
about 9.4 % since 2009 .
 The result of the stimulus, instead of saving or
creating 3-4 million jobs ..the economy shed more
than 2 million jobs.

4.  Obama care based on new CBO estimates states that
the plan will cost twice as much as the original 940
billion dollars to 1.76 trillion dollars and instaed of
reducing the deficit ….increase the deficit aprox 340
billion. This is also a low estimate because once the
law is fully implemented in 2014 there will be a mass
exodus of companies from providing private heath
care to there employees forcing increasing costs on
the new health care system not included in the
study.

5.  By Far Worst recovery of any
recession since world war 2 By Far the worst
 Only two other recessions recovery of 19 post
WW2 Recessions..
achieved -4% job losses at its
trough. This recession
achieved -6.5% and is just
getting back to the worst
previous achieved trough of -
4% 38 months later.
 Note every other recovery
achieved positive job losses
>0 on chart 1
 This recession has lost a net

6.  While this recovery is positive it’s Jobless
and a growth-less recovery
 120k jobs created in March ..require
250-300K + jobs a month to achieve
sufficient GDP growth to achieve
positive net employment
 GDP growth for the first Qtr was
2.2% …below concensus expectations
of 2.5-3%
 Note the lower unemployment rate has a
high correlation with the dropping
participation rate which hasn’t been this
low since the 70’s suggesting that the
millions of individuals that have dropped
out of the work force and are not counted
are hidding the real unemployment rate
of 15-19%
 The secound chart substantiates this and
reinforces chart one on the previous page
showing the highest total change in
employment of all 19 previous recessions.